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Menger's conception of Property and Wealth

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Vichys Tool posted on Wed, Dec 12 2012 10:12 AM


p 76. Principles
"The entire sum of goods at an economizing individual's command for the satisfaction of his needs, we call his PROPERTY. His property  is not, however, an arbitrarely combined quantity of goods, but a direct reflection of his needs, an integrated whole, no essential part of which can be diminished or increased without affecting realization of the end it serves"
Does he only speak of economic goods based on scarcity here? Cannot be diminished without affecting...
or "entire sum of goods" = economic plus non-economic goods
Seems like the abundance of non-economic goods are excluded from his concept of property? 
Later p.97 The general theory of the good,..  6. Property
"Thus human economy and property have a joint economic origin, since both have, as the ultimate reason for their existence (scarcity), the fact that goods exists whose available quantities are smaller than the requirements of men. Property, therefore, like the human economy, is not an arbitrary invention but rather the only practically possible solution of the problem that is, in the nature of things, imposed upon us by the disparity between requirements for, and available quantities of, all economic goods." ... Impossible to abolish institution of property witouth first removing the cause (scarcity).
So far Property closely related to scarcity.
Later p.109 Economy and economic goods, .. 4. Wealth
Earlier (p.76) we called "the entire sum of of goods at a persons command" his property. the entire sum of ECONOMIC goods we will on the other hand, call his wealth. (smaller than the requirements for them). Non-economic goods not the objects of his economy. Thus not part of his wealth.
Wealth = economic scarce goods. The latter excluded from the concept of property???
In need of clarification ASAP. I am about to finish a small essay on Menger's Principles. Perhaps I am a bit confused and just missing the obvious here in the late hours before delivery.
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